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IMO there's only one thing going on and it's manipulation.

Someone is buying, patiently and slowly. The sell side is stacked deliberately to create the sell sentiment. It's worked perfectly, they have created the panic they wanted and may get many millions of shares as they let it drop at bargain prices. Then the sell side will vanish over a few days leading up to the ann. Dont forget brokers often get dates (wIthout specific details) when an ann is coming out allowing them to make moves wIthout It being blatantly obvious.

If bad news was imminent insiders could be selling but the volume is too low, in my opinion.